Simply Charming Inc. had the following financial information for 2013. Prepare the operating section ONLY of the statement of cash flows using the indirect method.
| Movie Mania, Inc. Income Statement For Year Ended December 31, 2013 | ||
|---|---|---|
| Â | Â | Â |
| Revenue: | Â | Â |
| Â Sales Revenue | Â | 85,500 |
| Â | Â | Â |
| Expenses: | Â | Â |
| Depreciation Expense | 9,650 | Â |
| Salaries Expense | 9,000 | Â |
| Rent Expense | 13,000 | Â |
| Utilities Expense | 5,600 | Â |
| Loss on Sale of Furniture | 4,400 | Â |
| Â Total Expenses | Â | 41,650 |
| Â | Â | Â |
| Net Income | Â | 43,850 |
Â
| Movie Mania, Inc. Balance Sheet December 31, 2013 | ||||||
|---|---|---|---|---|---|---|
| Â | Â | Â | Â | Â | Â | Â |
| Assets: | 2013 | 2012 | Â | Liabilities & Equity: | 2013 | 2012 |
| Cash | 385,100 | 375,650 | Â | Accounts Payable | 13,000 | 18,250 |
| Accounts Receivable | 130,000 | 135,000 | Â | Taxes Payable | 3,600 | 2,150 |
| Supplies | 2,250 | 2,750 | Â | Â Total Current Liabilities | 16,600 | 20,400 |
| Inventory | 310,000 | 260,000 | Â | Â | Â | Â |
| Â Total Current Assets | 827,350 | 773,400 | Â | Common Stock | 265,000 | 265,000 |
| Â | Â | Â | Â | Paid in capital in excess of par value, common stock | 450,000 | 450,000 |
| Furniture | 67,000 | 78,000 | Â | Â Total Paid in Capital | 715,000 | 715,000 |
| Less: Accum. Depreciation | (27,000) | (18,000) | Â | Â | Â | Â |
| Â Total Plant Assets | 40,000 | 60,000 | Â | Retained Earnings | 135,750 | 98,000 |
| Â | Â | Â | Â | Â | Â | Â |
| TOTAL ASSETS | 867,350 | 833,400 | Â | TOTAL LIABILITIES AND EQUITY | 867,350 | 833,400 |
| Description | Amount | Total |
|---|---|---|
| Subcategory,Cash Flows from Operating Activities: | ||
| Subcategory,Adjustments to reconcile net income to net cash | ||
| Single line | Single line | |
| Total Adjustment | Single lineSingle line | |
| Single lineDouble line | ||